Australian department store chain Myer has reported its steepest sales decline in nearly a decade, with chief executive Olivia Wirth pointing to the squeeze of cost-of-living pressures on shoppers as the main cause. The downturn marks a significant setback for the retailer, which has been working to stabilise its business following years of restructuring, store closures and heightened competition from online and discount rivals.

Wirth said persistently high living costs, including elevated rents, energy bills and grocery prices, have left Australian consumers with less disposable income to spend on discretionary items such as clothing and homewares. The scale of the sales slump is being described as the worst Myer has experienced in around ten years, raising fresh questions about the retailer's turnaround strategy and its ability to compete in a tightening consumer environment.